AMÃNA BANK PLC (PB 3618 PQ) FINANCIAL STATEMENTS

Transcription

1 FINANCIAL STATEMENTS 30 JUNE 2017

2 STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED 30 JUNE 2017 FOR THE SIX MONTHS ENDED 30 JUNE Change % FOR THE QUARTER ENDED 30 JUNE Change % Financing Income 2,523,927 1,815, ,306, , Financing Expenses (1,327,238) (948,801) 39.9 (671,804) (493,088) 36.2 Net Financing Income 1,196, , , , Net Fee and Commission Income 112,136 98, ,208 50, Net Gain/(Loss) from Trading 183, , ,907 57, Net Gain/(Loss) from Financial instruments designated at fair value through profit or loss Net Gain/(Loss) from Financial Investments Net Other Operating Income 6,242 2, ,120 1, Total Operating Income 1,498,914 1,146, , , Impairment Revesal / (Charge)for Financing and Receivables to Other Customers and Other Losses Individual Impairment (62,145) 2,289 2,814.9 (55,190) 3,505 1,674.4 Collective Impairment (61,304) (14,829) (51,309) (6,780) Others Net Operating Income 1,375,465 1,133, , , Personnel Expenses 550, , , , Depreciation of Property, Plant and Equipment 74,665 80,896 (7.7) 37,385 39,618 (5.6) Amortisation of Intangible Assets 25,928 38,405 (32.5) 12,751 21,653 (41.1) Other Operating Expenses 361, , , , Total Operating Expenses 1,011, , , , Operating Profit Before Value Added Tax & Nation Building Tax 363, , ,938 68, Value Added Tax on Financial Services & Nation Building Tax (152,669) (78,023) 95.7 (70,628) (41,428) 70.5 Profit Before Tax 210,829 78, ,310 27, Tax (Expenses)/Reversal (59,032) (21,846) (33,126) (9,596) Profit for the Period 151,797 56, ,184 17, Earnings Per Share - Basic / Diluted

3 STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2017 FOR THE SIX MONTHS ENDED 30 JUNE FOR THE QUARTER ENDED 30 JUNE Change % Change % Profit/(Loss) for the Period 151,797 56, ,184 17, Other Comprehensive Income/(Loss) Other Comprehensive Income to be reclassified to Profit or Loss : Financial Investment - Available for Sale: Net Gain/(Loss) on Financial Investments - Available for sale 3,920 (93,160) ,966 (63,065) Reclassification to Profit or Loss as Impairment Net Other Comprehensive Income to be reclassified to Profit or Loss 3,920 (93,160) ,966 (63,065) Other Comprehensive Income/(Loss) for the Period Net of Tax 3,920 (93,160) ,966 (63,065) Total Comprehensive Income/(Loss) for the Period Net of Tax 155,717 (36,992) ,150 (45,175)

4 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017 AS AT AS AT Change (AUDITED) % Assets Cash and Cash Equivalents 6,735,935 5,686, Balances with Central Bank of Sri Lanka 1,765,916 2,816,770 (37.3) Derivative Financial Assets 24,540 59,483 (58.7) Placements with Banks 3,252,239 4,662,466 (30.2) Placements with Licensed Finance Companies 2,100, ,235,263 Financial Investments - Held for Trading 39,610 45,182 (12.3) Financial Assets Designated at Fair Value through Profit or Loss Financing and Receivables to Banks Financing and Receivables to Other Customers 40,024,226 38,451, Financial Investments - Available for Sale 371, ,774 (5.8) Financial Investments - Held to Maturity Other Financial Assets 339, , Other Non Financial Assets 385, , Property, Plant and Equipment 1,209,531 1,247,591 (3.1) Intangible Assets 245, ,376 (9.0) Deferred Tax Assets 146, , Total Assets 56,641,037 54,314, Liabilities Due to Banks 848, , Derivative Financial Liabilities 10,949 98,341 (88.9) Other Financial Liabilities - Held for Trading Financial Liabilities Designated at Fair Value through Profit or Loss Due to Other Customers 49,159,778 46,915, Other Financing Securities Issued Other Financial Liabilities 379, ,565 (33.0) Other Non Financial Liabilities 206, , Subordinated Term Financing Retirement Benefit Liability 93,240 82, Total Liabilities 50,698,260 48,526, Shareholders' Funds Stated Capital 5,866,808 5,866, Statutory Reserve Fund 17,263 17, Revaluation Reserves 526, , Other Reserves (240,860) (243,795) 1.2 Retained Earnings (227,343) (379,140) 40.0 Total Equity 5,942,777 5,788, Total Liabilities and Shareholders' Funds 56,641,037 54,314, Net Asset Value per Ordinary Share Commitments and Contingencies 19,486,553 26,191,124 Memorandum Information Number of Employees Number of Branches CERTIFICATION: I certify that these Financial Statements comply with the requirements of the Companies Act No.07 of (Sgd) M. Ali Wahid Chief Financial Officer 31 July 2017 (a) the above statements have been prepared in compliance with the format and definitions prescribed by the Central Bank of Sri Lanka and Rule 7.4 of Colombo Stock Exchange. (b) the information contained in these statements have been extracted from the audited Financial Statements of the Bank. (Sgd) (Sgd) (Sgd) Mohamed Azmeer Osman Kassim Jazri Magdon Ismail Chief Executive Officer Chairman Director 31 July July July 2017 We, the undersigned, being the Chief Executive Officer, Chairman and Director of Amana Bank certify jointly that:- -3-

5 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2017 Other Reserve Stated Statutory Revaluation Revenue Available for Sale Retained Total Capital Reserve Reserve Reserve Reserve Earnings Fund Rs. Rs. Rs. Rs. Rs. Rs. Rs. As at 1 January ,866,808 15, ,800 (216,926) (44,599) (425,317) 5,722,997 Profit/(Loss) for the six months ended ,168 56,168 Total Comprehensive Income for the six months ended (93,160) - (93,160) As at 30 June ,866,808 15, ,800 (216,926) (137,759) (369,149) 5,686,005 Profit/(Loss) for the six months ended (15,528) (15,528) Total Comprehensive Income for the six months ended ,741 6,678 94,419 Transfers to Statutory Reserve Fund - 2, (2,032) - Reclassifying to profit or loss as impairment ,149-23,149 Transferred to retained earnings - - (891) As at 31 December 2016 (Audited) 5,866,808 17, ,909 (216,926) (26,869) (379,140) 5,788,045 Profit/(Loss) for the six months ended , ,797 Total Comprehensive Income for the six months ended ,920-3,920 Share Issue Expenses (985) - - (985) As at 30 June ,866,808 17, ,909 (217,911) (22,949) (227,343) 5,942,777-4-

6 STATEMENT OF CASHFLOW FOR THE PERIOD ENDED 30 JUNE 2017 FOR THE PERIOD ENDED FOR THE PERIOD ENDED Cash Flow from Operating Activities Financing Income Received 2,453,299 1,777,821 Fees and Commission Received 115,953 97,889 Financing Expenses Paid (1,302,377) (885,607) Foreign Exchange Income Received 184, ,733 Gratuity Payments Made (3,530) (231) Payments to Employees and Suppliers (1,033,173) (903,680) Operating Profit/(Loss) before Changes in Operating Assets and Liabilities 414, ,925 (Increase) / Decrease in Operating Assets Financing and Receivable to Other Customers (1,646,211) (3,643,095) Other Financial Assets (1,625) (458,677) Other Non Financial Assets (158,690) (44,669) Statutory Deposit 1,050,854 (712,453) Increase / (Decrease) in Operating Liabilities Due to Other Customers 2,219,066 6,752,676 Due to Banks 97,250 (2,222,900) Other Liabilities (239,541) (11,059) Net Cash Flow from Operating Activities before Income Tax 1,735,533 (72,252) Income Tax Paid - - Net Cash Flows From / (Used In) Operating Activities 1,735,533 (72,252) Cash Flows From/(Used In) Investing Activities Acquisition of Property, Plant & Equipment (36,713) (46,607) Proceeds from Sale of Property, Plant and Equipment Acquisition of Intangible Assets (1,574) (50,794) Investments in Placements with Licensed Finance Companies (2,099,990) 951,117 Investments in Placements with Banks 1,414,347 1,419,498 Sale / (Acquisition) of Financial Investments - Available for Sale 27,600 (2,705) Sale / (Acquisition) of Financial Assets Held for Trading 5,261 15,041 Dividend Received from Financial Assets 5,397 1,934 Net Cash Flows From / (Used In) Investing Activities (685,537) 2,287,484 Cash Flows From / (Used In) Financing Activities Share Issue Expenses (985) - Net Cash Flows From / (Used In) Financing Activities (985) - Net Increase / (Decrease) in Cash and Cash Equivalents 1,049,011 2,215,232 Cash and Cash Equivalents at the Beginning of the Year 5,686,924 5,016,459 Cash and Cash Equivalents at the End of the Period 6,735,935 7,231,691 1,627,384 2,444,551-5-

7 NOTES TO THE FINANCIAL STATEMENTS 01. ANALYSIS OF FINANCIAL INSTRUMENTS BY MEASUREMENT BASIS FINANCIAL ASSETS HELD FOR TRADING AMORTIZED COST HELD TO MATURITY AVAILABLE FOR SALE TOTAL AS AT Cash and Cash Equivalents - 6,735, ,735,935 Balance with Central Bank of Sri Lanka - 1,765, ,765,916 Derivative Financial Assets 24, ,540 Placements with Banks - 3,252, ,252,239 Placements with Licensed Finance Companies - 2,100, ,100,011 Financial Investments - Held for Trading 39, ,610 Financing and Receivables to Customers - 40,024, ,024,226 Financial Investments - Available for Sale , ,930 Other Financial Assets - 339, ,973 Total Financial Assets 64,150 54,218, ,930 54,654,380 Financial Liabilities Due to Banks - 848, ,651 Derivative Financial Liabilities Due to Other Customers Other Financial Liabilities 10, ,949-49,159, ,159, , ,521 Total Financial Liabilities 10,949 50,387, ,398,899 FINANCIAL ASSETS HELD FOR TRADING AMORTIZED COST HELD TO MATURITY AVAILABLE FOR SALE Total As at (AUDITED) Cash and Cash Equivalents - 5,686, ,686,924 Balance with Central Bank of Sri Lanka - 2,816, ,816,770 Derivative Financial Assets 59, ,483 Placements with Banks - 4,662, ,662,466 Placements with Licensed Finance Companies Financial Investments - Held for Trading 45, ,182 Financing and Receivables to Customers - 38,451, ,451,662 Financial Investments - Available for Sale , ,774 Other Financial Assets - 307, ,322 Total Financial Assets 104,665 51,925, ,774 52,424,604 Financial Liabilities Due to Banks - 751, ,964 Derivative Financial Liabilities Due to Other Customers Other Financial Liabilities 98, ,341-46,915, ,915, , ,565 Total Financial Liabilities 98,341 48,233, ,332, FINANCING AND RECEIVABLES TO OTHER CUSTOMERS (AUDITED) Gross Financing and Receivables to Other Customers 40,428,085 38,732,202 Less: Individual Impairment (147,939) (85,924) Less: Collective Impairment (255,920) (194,616) Net Financing and Receivables 40,024,226 38,451, FINANCING AND RECEIVABLES TO OTHER CUSTOMERS - BY PRODUCT By Product - Domestic Currency (AUDITED) Overdraft 2,920,976 2,170,215 Trade Finance 2,458,804 2,669,788 Lease Receivables 5,951,446 6,081,726 Staff Facilities 477, ,368 Term Financing 23,872,541 22,826,820 Gold Facilities 1,058, ,272 Others 519, ,569 Sub Total 37,258,892 35,811,758 By Product - Foreign Currency Overdraft 45,457 - Term Financing 2,911,380 2,624,063 Trade Finance 120,370 39,043 Others 91, ,338 Sub Total 3,169,193 2,920,444 Total 40,428,085 38,732,202-6-

8 NOTES TO THE FINANCIAL STATEMENTS 04. MOVEMENTS IN INDIVIDUAL AND COLLECTIVE IMPAIRMENT DURING THE PERIOD FOR FINANCING AND RECEIVABLES TO OTHER CUSTOMERS Individual Collective Total Impairment Impairment Impairment At 1 January , , ,976 Charge/(Write Back) for the year 40,156 27,830 67,986 Recoveries Amounts written off (1,422) - (1,422) Profit accrued on Impaired Financing and Receivables As at 31 December 2016 (Audited) 85, , ,540 Charge/(Write Back) for the period 62,145 61, ,449 Recoveries Amounts written off (130) - (130) Profit accrued on Impaired Financing and Receivables As at 30 June , , , DUE TO OTHER CUSTOMERS - BY PRODUCT By Product - Domestic Currency (AUDITED) Demand Deposits 2,927,551 2,710,018 Savings Deposits 20,081,199 17,688,649 Time Deposits 20,576,639 21,109,031 Sub Total 43,585,389 41,507,698 By Product - Foreign Currency Demand Deposits 108, ,683 Savings Deposits 1,558,893 1,314,824 Time Deposits 3,907,036 3,939,085 Sub Total 5,574,389 5,407,592 Total 49,159,778 46,915,290 SELECTED PERFORMANCE INDICATORS Regulatory Capital Adequacy Core Capital (Tier 1 Capital), Rs. Mn. Total Capital Base, Rs. Mn. Core Capital Adequacy Ratio, as % of Risk Weighted Assets (Minimum Requirement, 5%) Total Capital Adequacy Ratio, as % of Risk Weighted Assets (Minimum Requirement, 10%) AS AT AS AT (AUDITED) 5,287 5,288 5,089 5, % 10.4% 10.8% 10.8% Assets Quality (Quality of Financing and Advance Portfolio) Gross Non-Performing Financing and Advances Ratio, % (Net of Profit in Suspense) Net Non-Performing Financing and Advances Ratio, % (Net of Profit in Suspense and Provisions) 1.47% 0.89% 0.84% 0.38% Profitability Financing Margin (%) Return on Assets (before Tax) Return on Equity 3.9% 3.6% 0.5% 0.1% 5.0% 0.7% Regulatory Liquidity Statutory Liquid Assets, Rs. Mn. Statutory Liquid Assets Ratio, % (Minimum Requirement, 20%) - Domestic Banking Unit - Off-Shore Banking Unit 11,171 10, % 22.6% 27.1% 26.9% -7-

9 NOTES TO THE FINANCIAL STATEMENTS 7 SEGMENT INFORMATION The following table presents information on total income, profit, total assets and liabilities regarding the Bank s operating segments. FOR THE PERIOD ENDED 31 DECEMBER 2016 CONSUMER BUSINESS TOTAL TREASURY UNALLOCATED / ELIMINATION TOTAL Income Financing Income 699,756 1,757,283 2,457,039 51,780 15,108 2,523,927 Net Fee and Commission Income 51,794 53, ,139 5,941 1, ,136 Net Trading Gain , ,847 Net Other Operating Income/(Expense) , ,242 Total 751,550 1,810,628 2,562, ,799 16,174 2,826,152 Profit After Tax 114,619 43,375 (6,197) 151,797 Total Assets 11,621,134 28,403,092 40,024,226 12,164,417 4,452,394 56,641,037 Total Liabilities 46,360,971 2,798,807 49,159, , ,074 50,698,260 FOR THE PERIOD ENDED 30 JUNE 2016 CONSUMER BUSINESS TOTAL TREASURY UNALLOCATED / ELIMINATION TOTAL Income Financing Income 554,812 1,192,650 1,747,462 50,983 16,734 1,815,179 Net Fee and Commission Income 34,612 49,669 84,281-14,084 98,365 Net Trading Gain , ,987 Net Other Operating Income/(Expense) ,290-2,290 Total Income 589,424 1,242,319 1,831, ,260 30,818 2,094,821 Profit/(Loss) After Tax 46,547 48,126 (38,504) 56,169 Total Assets 10,208,924 26,531,503 36,740,427 11,429,817 4,308,702 52,478,946 Total Liabilities 42,282,123 3,145,462 45,427, , ,509 46,792,941-8-

10 EXPLANATORY NOTES These Interim Financial Statements have been prepared in accordance with LKAS 34 - Interim Financial Reporting and present information required by Listing Rules of Colombo Stock Exchange. The interim condensed Financial Statements donot include all the information and disclosure required in the annual Financial Statements, and should be read in conjunction with annual Financial Statements as at 31 December The accounting policies adopted in the presentation of the interim condensed Financial Statements are consistent with those followed in the preparation of the Bank's annual Financial Statements for the year ended 31 December There are no material events that took place after the Statement of Financial Position date which require adjustment to or disclosures in the Financial Statements. Comparative figures have been restated wherever necessary to conform to the current periods presentation. There has not been a significant change in the nature of the contingent liabilities as disclosed in the Annual Report of Market Price of Ordinary Shares (the Bank listed its ordinary shares on the Colombo Stock Exchange on 29 January 2014) Rs. Rs. Market Price as at 30 June Highest Market Price during the quarter ended 30 June Lowest Market Price during the quarter ended 30 June Twenty Largest Shareholders as at 30 June 2017 No Name of Shareholder No. of Shares % 1 Bank Islam Malaysia Berhad 180,562, AB Bank Limited 180,562, Akbar Brothers (Pvt) Ltd 124,849, Islamic Development Bank 120,374, Mr. Farook Kassim 95,513, Amana Holdings Limited 75,750, Millenium Capital Investment Pte. Limited 70,140, Mr. Nagi Saleh Mohammed Al Faqih 37,384, Trans Asia Trading Company 33,326, Mr. Sathiyamurthy Chandramohan 30,000, Al Bogari Islamic Gold DMCC 17,678, Mr. Ahamed Mihilar Mohamed Fazul Jiffry 14,284, Mr. Mohamed Haji Omar 12,426, ABC International Limited 11,920, Amana Takaful (Maldives) Pvt Ltd 9,340, Mrs. Nabila Qureshi 6,534, Pan Asia Banking Corporation PLC / Lanka Commodity Brokers Ltd 6,142, Mr. Muhammad Muslim Salahudeen 5,756, Mr. Abdul Majeed Mohamedu Risvi 5,433, Mubasher Financial Services BSC 5,082, Sub total 1,043,064, Other Shareholders (Number of Shareholders 6,886) 207,631, Total 1,250,695, Percentage of Public Holding as at 30 June % Number of Shareholders 6, Directors' holding in shares as at 30 June 2017 Name of Director No. of Shares Mr. Osman Kassim 438,520 Mr. Tyeab Akbarally 26 Dato' A Tajudin B.H Abdul Rahman - Dr. A. A. M Haroon 8 Mr. Mohamed Jazri Magdon Ismail 13,500 Mr. Haseeb Ullah Siddiqui - Mr. Wahid Ali Mohd Khalil - Mr. Harsha Amarasekera PC - Mr. Faheemul Huq - Mr. Rajiv Nandlal Dvivedi - Mr. Pradeep Dilshan Rajeeva Hettiaratchi - Mr. Huzefa Inayetally Akbarally (Alternate Director to Mr. Tyeab Akbarally) 1 Mr. Mohamed Faizel Mohamed Haddad (Alternate Director to Mr. Osman Kassim) - Mr. Mohd Muazzam Mohamed (Alternate Director to Mr. Wahid Ali Mohd Khalil) - Mr. Mohamed Azmeer (Chief Executive Officer) 150,000-9-